Research

Consensus seems to be that Google’s $12.5B acquisition of Motorola Mobility on Monday was primarily made for access to Motorola’s patent portfolio. Motorola has 17,000 patents which will help protect Android “from anti-competitive threats from Microsoft, Apple and other companies” … Continued

A primary argument of the deflationists since 2007 has been that aggregate de-leveraging of the US economy is putting downward pressure on prices. It follows that despite how much money is printed in the form of quantitative easing, this de-leveraging … Continued

The preliminary Michigan Consumer Sentiment reading for August came in at 54.9, which is the lowest it has been since 1980. The number is significant for a couple reasons 1) It’s lower than it was during the 08/09 recession 2) … Continued

Retail sales were reported to have risen 0.5% for July over June, up 8.9% year over year. Many cheered the number ex-autos which beat consensus of a 0.3% increase. Economic data is noisy though, despite the fact that even mild … Continued

There was a particularly weak 30 year Treasury auction today, which helped send interest rates higher. Notably the indirect bid, which is typically taken as an indication of foreign interest in a treasury auction, was only 12.2%. This number is … Continued

One of the reasons cited for the stock rally today is that Italy’s 10 year bond yield dropped below 5%. Italian 10 Year Yield This is a level that was considered by many to be unsustainably high and has been … Continued

The Swiss Franc (CHF) is trading sharply lower today against the dollar on news that the Swiss National Bank is considering a “temporary” peg of the currency against the Euro. However, the move shouldn’t be too surprising to the market … Continued

I want to preface this post by saying that I don’t believe that Bank of America will have to raise more capital. The bank has $12 in tangible book value per share, a TCE ratio of 5.87%, a tier 1 … Continued

Welcome to Avondale Asset Management’s blog and our first official post. Avondale Asset Management is an investment company focused on growing the assets of our investors by seeking out investment opportunities in public markets. Here we will opine on financial … Continued